Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INTEGRATED ELECTRICAL SVC	13,353,617	$118M	18.4%	—	—	COM	45811E301
PATK	PATRICK INDS INC	1,802,680	$112M	17.6%	—	—	COM	703343103
—	BARNES & NOBLE INC	1,434,287	$34.06M	5.3%	—	—	COM	067774109
JPM	JPMORGAN CHASE & CO	495,000	$29.99M	4.7%	—	—	Call	46625H100
LXU	LSB INDS INC	723,053	$29.88M	4.7%	—	—	COM	502160104
BAC	BANK OF AMERICA CORPORATION	1,803,800	$27.76M	4.4%	—	—	Call	060505104
—	OFFICE DEPOT INC	2,489,907	$22.91M	3.6%	—	—	COM	676220106
C	CITIGROUP INC	360,000	$18.55M	2.9%	—	—	Call	172967424
—	WESTMORELAND COAL CO	637,911	$17.07M	2.7%	—	—	COM	960878106
BAC	BANK OF AMERICA CORPORATION	1,049,599	$16.15M	2.5%	—	—	COM	060505104
—	NAVISTAR INTL CORP NEW	529,180	$15.61M	2.4%	—	—	COM	63934E108
JPM	JPMORGAN CHASE & CO	246,278	$14.92M	2.3%	—	—	COM	46625H100
WGO	WINNEBAGO INDS INC	666,543	$14.17M	2.2%	—	—	COM	974637100
C	CITIGROUP INC	261,625	$13.48M	2.1%	—	—	COM NEW	172967424
—	WILLBROS GROUP INC DEL	3,051,178	$10.1M	1.6%	—	—	COM	969203108
PBF	PBF ENERGY INC	297,510	$10.09M	1.6%	—	—	CL A	69318G106
PEBK	PEOPLES BANCORP N C INC	512,965	$9.475M	1.5%	—	—	COM	710577107
GME	GAMESTOP CORP NEW	239,035	$9.074M	1.4%	—	—	CL A	36467W109
—	CREDIT SUISSE NASSAU BRH	3,997,035	$8.793M	1.4%	—	—	VS 3XLGCRUDE ETN	22542D589
—	HESS CORP	124,470	$8.448M	1.3%	—	—	COM	42809H107
BWEN	BROADWIND ENERGY INC	1,428,090	$7.14M	1.1%	—	—	COM NEW	11161T207
—	ANADARKO PETE CORP	85,855	$7.11M	1.1%	—	—	COM	032511107
—	MARATHON OIL CORP	271,115	$7.079M	1.1%	—	—	COM	565849106
HWBK	HAWTHORN BANCSHARES INC	504,774	$6.759M	1.1%	—	—	COM	420476103
AAL	AMERICAN AIRLS GROUP INC	118,670	$6.263M	1.0%	—	—	COM	02376R102
UBOH	UNITED BANCSHARES INC OHIO	325,123	$4.935M	0.8%	—	—	COM	909458101
—	HMN FINL INC	383,063	$4.635M	0.7%	—	—	COM	40424G108
FCX	FREEPORT-MCMORAN INC	237,592	$4.502M	0.7%	—	—	CL B	35671D857
—	MARKET VECTORS ETF TR	130,000	$4.382M	0.7%	—	—	Call	57060U191
—	AMERIANA BANCORP	222,477	$3.66M	0.6%	—	—	COM	023613102
—	FIDELITY SOUTHERN CORP NEW	194,919	$3.29M	0.5%	—	—	COM	316394105
—	UNITED CMNTY FINL CORP OHIO	556,908	$3.041M	0.5%	—	—	COM	909839102
—	MUTUALFIRST FINL INC	124,785	$2.876M	0.5%	—	—	COM	62845B104
PFBX	PEOPLES FINL CORP MISS	254,017	$2.591M	0.4%	—	—	COM	71103B102
—	CREDIT SUISSE NASSAU BRH	1,075,030	$2.419M	0.4%	—	—	ETN LKD 32	22542D571
OSG	AMBAC FINL GROUP INC	99,139	$2.399M	0.4%	—	—	COM NEW	023139884
—	MARKET VECTORS ETF TR	64,500	$2.174M	0.3%	—	—	OIL SVCS ETF	57060U191
—	SUMMIT FINANCIAL GROUP INC	171,059	$2.044M	0.3%	—	—	COM	86606G101
CZWI	CITIZENS CMNTY BANCORP INC M	215,683	$1.963M	0.3%	—	—	COM	174903104
SBFG	SB FINL GROUP INC	185,233	$1.954M	0.3%	—	—	COM	78408D105
—	TECUMSEH PRODS CO	580,066	$1.618M	0.3%	—	—	CL A	878895200
—	FIRST FED NORTHN MICH BANCOR	269,609	$1.604M	0.3%	—	—	COM	32021X105
SKY	SKYLINE CORP	390,405	$1.382M	0.2%	—	—	COM	830830105
—	UNITED CMNTY BANCORP IND	96,696	$1.241M	0.2%	—	—	COM	90984R101
—	FIRST SOUTH BANCORP INC VA	150,448	$1.204M	0.2%	—	—	COM	33646W100
—	POAGE BANKSHARES INC	77,592	$1.191M	0.2%	—	—	COM	730206109
SHBI	SHORE BANCSHARES INC	128,890	$1.183M	0.2%	—	—	COM	825107105
—	FIRST DEFIANCE FINL CORP	33,763	$1.108M	0.2%	—	—	COM	32006W106
DAL	DELTA AIR LINES INC DEL	23,500	$1.057M	0.2%	—	—	COM NEW	247361702
XLE	SELECT SECTOR SPDR TR	11,000	$853K	0.1%	—	—	SBI INT-ENERGY	81369Y506
FITB	FIFTH THIRD BANCORP	40,750	$768K	0.1%	—	—	COM	316773100
—	MACKINAC FINL CORP	50,334	$573K	0.1%	—	—	COM	554571109
—	PREMIER FINL BANCORP INC	34,029	$518K	0.1%	—	—	COM	74050M105
—	FIRST CTZNS BANC CORP	39,392	$435K	0.1%	—	—	COM NO PAR	319459202
CBAN	COLONY BANKCORP INC	50,045	$405K	0.1%	—	—	COM	19623P101
—	COMMUNITY FINL CORP MD	16,306	$326K	0.1%	—	—	COM	20368X101
—	OCEAN SHORE HLDG CO NEW	14,952	$220K	0.0%	—	—	COM	67501R103
—	DAKOTA PLAINS HLDGS INC	100,000	$185K	0.0%	—	—	COM	234255107
—	UNITED STATES NATL GAS FUND	12,500	$166K	0.0%	—	—	UNIT PAR $0.001	912318201